State holding KazMunaiGas has founded "daughter" for oil production in the sea

/REUTERS, Astana, Raushan Nurshayeva, March 19, 03/ - Kazakhstan state oil and gas holding KazMunaiGas has founded daughter company KazMunaiTeniz, which will specialize in development of oil projects in the north Caspian Sea and Aral, a representative of the press-service of KazMunaiGas informed Reuters on Wednesday. According to her words, the company has been headed by Baktikozha Izmukhambetov, who filled the post of acting director on sea projects of KazMunaiGas. "Major purpose of this company is fulfilling of functions of contracts' contractors for depth usage in sea projects. Major task is conducting of exploration of oil and gas", - she quoted Izmukhambetov. According to his words, mother company KazMunaiGas will conduct monitoring and control fulfillment of production-sharing agreements (PSA) in sea projects. KazMunaiTeniz will negotiate and prepare documents, which precede the major PSA, and also prepare TEG of fields mastering, carry out service works. "KazMunaiTeniz will include project on Zhanbay, on Khvalynskoye, Tsentralnoye, Nur, Kurmangazi coast sides of blocks S-1 and S-2 (in Caspian sea)", - Izmukhambetov said. Russia and Kazakhstan agreed to master together Khvalynskoye, Tsentralnoye and Kurmangazi, which are on the midline line of Caspian sea. Kazakhstan officials of high rank said several times that tenders for more than 100 blocks in Kazakhstan sector of Caspian sea could be announced only after the Government, possibly, by the end of March, would approve the program of the shelf development. KazMunaiGas, as authorities plan, will receive 50% share in all new projects on the shelf. [2003-03-19]